Better US economic growth, earnings drive stocks

1:40 PM,
Jul. 31, 2013

Written by

AP

Steady growth in the U.S. economy and higher company earnings helped push the stock market back to record levels Wednesday.

The economy, while still struggling to pick up momentum following the Great Recession, grew at a faster pace than economists had forecast in the second quarter. There was also an encouraging report on hiring.

The news on growth was encouraging, said Peter Cardillo, chief market economist at Rockwell Global Capital, because it suggested the economy is recovering strongly enough to grow without stimulus from the Federal Reserve. The central bank is buying $85 billion ...